Silverfin false 30/03/2023 01/04/2022 30/03/2023 David Charles Phelps 11/04/2013 18 March 2024 The principal activity of the Company during the financial period was that of art dealers and framers. 08483639 2023-03-30 08483639 bus:Director1 2023-03-30 08483639 2022-03-31 08483639 core:CurrentFinancialInstruments 2023-03-30 08483639 core:CurrentFinancialInstruments 2022-03-31 08483639 core:Non-currentFinancialInstruments 2023-03-30 08483639 core:Non-currentFinancialInstruments 2022-03-31 08483639 core:ShareCapital 2023-03-30 08483639 core:ShareCapital 2022-03-31 08483639 core:RetainedEarningsAccumulatedLosses 2023-03-30 08483639 core:RetainedEarningsAccumulatedLosses 2022-03-31 08483639 core:LeaseholdImprovements 2022-03-31 08483639 core:Vehicles 2022-03-31 08483639 core:FurnitureFittings 2022-03-31 08483639 core:OfficeEquipment 2022-03-31 08483639 core:LeaseholdImprovements 2023-03-30 08483639 core:Vehicles 2023-03-30 08483639 core:FurnitureFittings 2023-03-30 08483639 core:OfficeEquipment 2023-03-30 08483639 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2023-03-30 08483639 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2022-03-31 08483639 core:CurrentFinancialInstruments core:Secured 2023-03-30 08483639 2021-09-29 08483639 2022-04-01 2023-03-30 08483639 bus:FullAccounts 2022-04-01 2023-03-30 08483639 bus:SmallEntities 2022-04-01 2023-03-30 08483639 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-30 08483639 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-30 08483639 bus:Director1 2022-04-01 2023-03-30 08483639 core:LeaseholdImprovements core:TopRangeValue 2022-04-01 2023-03-30 08483639 core:Vehicles 2022-04-01 2023-03-30 08483639 core:FurnitureFittings 2022-04-01 2023-03-30 08483639 core:OfficeEquipment 2022-04-01 2023-03-30 08483639 2021-09-30 2022-03-31 08483639 core:LeaseholdImprovements 2022-04-01 2023-03-30 08483639 core:CurrentFinancialInstruments 2022-04-01 2023-03-30 08483639 core:Non-currentFinancialInstruments 2022-04-01 2023-03-30 iso4217:GBP xbrli:pure

Company No: 08483639 (England and Wales)

SURRIDGE GALLERIES (TAUNTON) LIMITED

Unaudited Financial Statements
For the financial period from 01 April 2022 to 30 March 2023
Pages for filing with the registrar

SURRIDGE GALLERIES (TAUNTON) LIMITED

Unaudited Financial Statements

For the financial period from 01 April 2022 to 30 March 2023

Contents

SURRIDGE GALLERIES (TAUNTON) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 March 2023
SURRIDGE GALLERIES (TAUNTON) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 March 2023
Note 30.03.2023 31.03.2022
£ £
Fixed assets
Tangible assets 3 23,057 38,842
23,057 38,842
Current assets
Stocks 285,000 0
Debtors 4 179,746 452,031
Cash at bank and in hand 5 2,748 688
467,494 452,719
Creditors: amounts falling due within one year 6 ( 174,861) ( 147,568)
Net current assets 292,633 305,151
Total assets less current liabilities 315,690 343,993
Creditors: amounts falling due after more than one year 7 ( 24,113) ( 41,531)
Provision for liabilities 8 ( 3,912) ( 6,591)
Net assets 287,665 295,871
Capital and reserves
Called-up share capital 0 0
Profit and loss account 287,665 295,871
Total shareholder's funds 287,665 295,871

For the financial period ending 30 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Surridge Galleries (Taunton) Limited (registered number: 08483639) were approved and authorised for issue by the Director on 18 March 2024. They were signed on its behalf by:

David Charles Phelps
Director
SURRIDGE GALLERIES (TAUNTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2022 to 30 March 2023
SURRIDGE GALLERIES (TAUNTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2022 to 30 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Surridge Galleries (Taunton) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Century House, Nicholson Road, Torquay, TQ2 7TD, England, United Kingdom. . The principal place of business is 6 North Street, Taunton, TA1 1LH.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

Reporting period length

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Vehicles 20 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Period from
01.04.2022 to
30.03.2023
Period from
30.09.2021 to
31.03.2022
Number Number
Monthly average number of persons employed by the Company during the period, including the director 5 4

3. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 April 2022 108,921 32,904 21,579 2,074 165,478
At 30 March 2023 108,921 32,904 21,579 2,074 165,478
Accumulated depreciation
At 01 April 2022 94,544 13,242 18,083 767 126,636
Charge for the financial period 10,892 3,933 699 261 15,785
At 30 March 2023 105,436 17,175 18,782 1,028 142,421
Net book value
At 30 March 2023 3,485 15,729 2,797 1,046 23,057
At 31 March 2022 14,377 19,662 3,496 1,307 38,842

4. Debtors

30.03.2023 31.03.2022
£ £
Amounts owed by fellow subsidiaries 0 184,371
Amounts owed by director 0 100,070
Other debtors 179,746 167,590
179,746 452,031

5. Cash and cash equivalents

30.03.2023 31.03.2022
£ £
Cash at bank and in hand 2,748 688
Less: Bank overdrafts 0 ( 38,898)
2,748 (38,210)

6. Creditors: amounts falling due within one year

30.03.2023 31.03.2022
£ £
Bank loans and overdrafts (secured) 10,319 48,965
Trade creditors 2,332 524
Amounts owed to fellow subsidiaries 88,156 0
Amounts owed to director 25,331 0
Accruals and deferred income 12,045 9,981
Taxation and social security 25,097 69,517
Obligations under finance leases and hire purchase contracts (secured) 7,165 7,165
Other creditors 4,416 11,416
174,861 147,568

Hire purchase liabilities shown above are secured against the assets to which they relate.
Bank loans and overdrafts are secured by way of a fixed charge against the company's assets

7. Creditors: amounts falling due after more than one year

30.03.2023 31.03.2022
£ £
Bank loans (secured) 21,347 31,600
Obligations under finance leases and hire purchase contracts (secured) 2,766 9,931
24,113 41,531

Hire purchase liabilities shown above are secured against the assets to which they relate.
Bank loans and overdrafts are secured by way of a fixed charge against the company's assets

8. Deferred tax

30.03.2023 31.03.2022
£ £
At the beginning of financial period ( 6,591) ( 8,632)
Credited to the Statement of Income and Retained Earnings 2,679 2,041
At the end of financial period ( 3,912) ( 6,591)

9. Related party transactions

Transactions with owners holding a participating interest in the entity

30.03.2023 31.03.2022
£ £
Triton Galleries (Devon) Limited, a company under common control, debtor 154,735 142,579
Triton Galleries (Dartmouth) Limited, a company under common control, creditor (4,416) (11,416)

Transactions with the entity's director

30.03.2023 31.03.2022
£ £
Amounts owed to the director (2022: owed by the director) (25,331) 100,070

Interest is charged at HMRC approved rates when overdrawn and there are no set repayment terms.